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Abraham Michelson
About | Practice Areas
The Michelson Law Office
203 North Lasalle Street Suite 2100 Chicago, IL 60601Â» view map
Bankruptcy, Chapter 7, Chapter 13
Chicago Bankruptcy Lawyer

When your finances are at stake, choose the best. Don't sink deeper in debt. Contact The Michelson Law Office

800-824-6431
1. Abraham Michelson Chicago, IL
  Attorney at Law - Illinois, 2013
  Thomas Cooley, JD, 2004
2. AboutAbraham Michelson
  Our legal team can advise you on your options for negotiating a solution.
3. Practice AreasServices
  Find out how an experienced attorney can help end calls and prevent lawsuits.
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John Weber

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Bankruptcy & Debt, Real Estate, Estate, Credit & Debt, Collection

With the singular focus of individual Bankruptcy Law, we bring a collective effort to delivering personalized and effective representation to each of ... (more)

FREE CONSULTATION

CONTACT

800-910-2530

PO box 866, Amityville, NY 11701

Alan Thomas Schmidlin

Collection, Condominiums, Conveyancing, Foreclosure

Status: In Good Standing

CONTACT

200 Garden City Plaza, Garden City, NY 11530

Paul S. Hyl

Health Care Other, Estate Planning, Elder Law, Collection

Status: In Good Standing

CONTACT

225 Broad Hollow Road, Melville, NY 11747

Andrew F. Brems

Misdemeanor, Contract, Collection, Slip & Fall Accident

Status: In Good Standing

CONTACT

330 Vanderbilt Motor Parkway, Hauppauge, NY 11788

Alan Pressman

DUI-DWI, Criminal, Collection, Bankruptcy

Status: In Good Standing Licensed: 44 Years

CONTACT

2950 Express Dr S, Islandia, NY 11749

Robert Daniel Goldhaber

Real Estate, Dispute Resolution, Government, Collection

Status: In Good Standing Licensed: 33 Years

CONTACT

1393 Veterans Hwy, Hauppauge, NY 11788

Andrew M. Doktofsky

Commercial Real Estate, Credit & Debt, Collection, Bankruptcy

Status: In Good Standing

CONTACT

52 Elm St, Huntington, NY 11743

Douglas M Lieberman

Arbitration, Criminal, Collection, Animal Bite

Status: In Good Standing Licensed: 38 Years

CONTACT

115 N Broadway, Hicksville, NY 11801

Timothy James Murtha

Commercial Real Estate, Collection, Bankruptcy & Debt

Status: In Good Standing

CONTACT

125 Michael Drive, Syosset, NY 11791

Richard F. Goldhaber

Labor Law, Collection

Status: Inactive Licensed: 58 Years

CONTACT

1393 Veterans Memorial Hwy, Hauppauge, NY 11788

800-923-0641

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LEGAL TERMS

UNDUE HARDSHIP

The circumstances in which a debtor may discharge a student loan in bankruptcy. For example, a debtor who has no income and little chance of earning enough in t... (more...)

The circumstances in which a debtor may discharge a student loan in bankruptcy. For example, a debtor who has no income and little chance of earning enough in the future to pay off the loan may be able to show that repayment would be an undue hardship.

SETOFF

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a countercl... (more...)

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a counterclaim filed by a defendant in a lawsuit. Banks may try to exercise a setoff by taking money out of a deposit account to satisfy past due payments on a loan or credit card bill. Such an act is illegal under most circumstances.

LIMITED LIABILITY

The maximum amount a business owner can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company (LLC) or ... (more...)

The maximum amount a business owner can lose if the business is subject to debts, claims or other liabilities. An owner of a limited liability company (LLC) or a person who invests in a corporation (a shareholder) generally stands to lose only the amount of money invested in the business. This means that if the business folds, creditors cannot seize or sell an owner's home, car, or other personal assets.

REDEMPTION

In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump s... (more...)

In Chapter 7 bankruptcy, when the debtor obtains legal title to collateral for a debt by paying the creditor the replacement value of the collateral in a lump sum. For example, a debtor may redeem a car note by paying the lender the amount a retail vendor would charge for the car, considering its age and condition.

WORKOUT

A debtor's plan to take care of a debt, by paying it off or through loan forgiveness. Workouts are often created to avoid bankruptcy or foreclosure proceedings.

CHAPTER 13 PLAN

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to ... (more...)

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to pay all mandatory debts -- for example, back child support, taxes, and mortgage arrearages -- as well as some or all unsecured, nonpriority debts, such as medical and credit card bills.

CONSUMER CREDIT COUNSELING SERVICE (CCCS)

A national non-profit agency that, at no cost, helps debtors plan budgets and repay their debts. One major criticism of CCCS is that each office is primarily fu... (more...)

A national non-profit agency that, at no cost, helps debtors plan budgets and repay their debts. One major criticism of CCCS is that each office is primarily funded by voluntary donations from the creditors that receive payments from debtors repaying their debts through that office. Despite this criticism, most CCCS counselors provide clients with thorough and neutral advice.

SOLE PROPRIETORSHIP

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, m... (more...)

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, meaning that business profits are reported and taxed on the owner's personal tax return. Setting up a sole proprietorship is cheap and easy since no legal formation documents need be filed with any governmental agency (although tax registration and other permit and license requirements may still apply). Once you file a fictitious name statement (assuming you don't use your own name) and obtain any required basic tax permits and business licenses, you'll be in business. The main downside of a sole proprietorship is that its owner is personally liable for all business debts.

GUARANTEED RESERVATION

A hotel or rental car reservation secured by a credit card number. In exchange for your card number, the hotel or rental agency promises to have a room or vehic... (more...)

A hotel or rental car reservation secured by a credit card number. In exchange for your card number, the hotel or rental agency promises to have a room or vehicle for you no matter when you show up. If you have a guaranteed reservation with a hotel, it must provide you with a room, either at that hotel or at another comparable establishment. If you have a guaranteed reservation with a car agency, it must provide you with a vehicle. The downside of a guaranteed reservation is that if you don't show up and haven't cancelled your reservation, you will be billed for one night in the room or one day's use of the vehicle.

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Islandia Collection Lawyer, New York

Sponsored Law Firm

The Michelson Law Office

SPONSORED LAWYERS

John Weber

Alan Thomas Schmidlin

Paul S. Hyl

Andrew F. Brems

Alan Pressman

Robert Daniel Goldhaber

Andrew M. Doktofsky

Douglas M Lieberman

Timothy James Murtha

Richard F. Goldhaber

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LEGAL TERMS

UNDUE HARDSHIP

SETOFF

LIMITED LIABILITY

REDEMPTION

WORKOUT

CHAPTER 13 PLAN

CONSUMER CREDIT COUNSELING SERVICE (CCCS)

SOLE PROPRIETORSHIP

GUARANTEED RESERVATION

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